Multidimensional nonlinear diffusion equation: Spatial time dependent diffusion coefficient and external forces |
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| Affiliation: | 1. Department of Health Policy and Management, University of Arkansas for Medical Sciences Little Rock, Arkansas 72205, USA;2. Department of Systems Science and Industrial Engineering, State University of New York at Binghamton, Binghamton, New York 13902, USA;1. Department of Economics, University of Birmingham, Edgbaston, B15 2TT Birmingham, UK;2. CEP, London School of Economics and Political Science, MIAESR, University of Melbourne, Houghton Street, WC2A 2AE London, UKn |
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| Abstract: | Despite many years of active research in the field and a number of fruitful applications, agent-based modeling has not yet made it through to the top ranking economic journals. In this paper we investigate why. We look at the following problematic areas: (i) interpretation of the simulation dynamics and generalization of the results, and (ii) estimation of the simulation model. We show that there exist solutions for both these issues. Along the way, we clarify some confounding differences in terminology between computer science and economic literature. |
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